Brown Brothers Harriman & Co. Trims Stock Position in Snap-on Incorporated (NYSE:SNA)

Brown Brothers Harriman & Co. decreased its position in shares of Snap-on Incorporated (NYSE:SNA) by 31.1% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 186 shares of the company’s stock after selling 84 shares during the quarter. Brown Brothers Harriman & Co.’s holdings in Snap-on were worth $54,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also made changes to their positions in SNA. DRW Securities LLC purchased a new position in Snap-on during the 3rd quarter worth approximately $322,000. Daiwa Securities Group Inc. boosted its holdings in shares of Snap-on by 10.4% in the third quarter. Daiwa Securities Group Inc. now owns 6,453 shares of the company’s stock valued at $1,869,000 after acquiring an additional 610 shares during the period. Larson Financial Group LLC grew its position in shares of Snap-on by 85.9% during the third quarter. Larson Financial Group LLC now owns 1,383 shares of the company’s stock worth $401,000 after acquiring an additional 639 shares during the last quarter. Swedbank AB grew its position in shares of Snap-on by 2.7% during the third quarter. Swedbank AB now owns 51,143 shares of the company’s stock worth $14,817,000 after acquiring an additional 1,351 shares during the last quarter. Finally, Penserra Capital Management LLC increased its holdings in shares of Snap-on by 8.7% in the 3rd quarter. Penserra Capital Management LLC now owns 1,774 shares of the company’s stock valued at $513,000 after acquiring an additional 142 shares during the period. 84.88% of the stock is owned by hedge funds and other institutional investors.

Snap-on Trading Down 0.6 %

NYSE SNA opened at $369.23 on Friday. The company has a quick ratio of 3.14, a current ratio of 4.18 and a debt-to-equity ratio of 0.22. The stock has a market capitalization of $19.39 billion, a P/E ratio of 19.00, a P/E/G ratio of 2.45 and a beta of 0.96. Snap-on Incorporated has a 52-week low of $252.98 and a 52-week high of $373.89. The firm has a 50-day moving average price of $323.02 and a 200 day moving average price of $290.07.

Snap-on (NYSE:SNA) last issued its earnings results on Thursday, October 17th. The company reported $4.70 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.58 by $0.12. The business had revenue of $1.15 billion during the quarter, compared to the consensus estimate of $1.16 billion. Snap-on had a return on equity of 19.44% and a net margin of 22.13%. Equities research analysts expect that Snap-on Incorporated will post 19.05 EPS for the current year.

Snap-on announced that its Board of Directors has approved a share buyback plan on Thursday, August 8th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 3.5% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s management believes its shares are undervalued.

Snap-on Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Thursday, November 21st will be issued a $2.14 dividend. The ex-dividend date is Thursday, November 21st. This represents a $8.56 dividend on an annualized basis and a yield of 2.32%. This is an increase from Snap-on’s previous quarterly dividend of $1.86. Snap-on’s dividend payout ratio (DPR) is 44.06%.

Insiders Place Their Bets

In other news, VP Iain Boyd sold 6,044 shares of the business’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $298.99, for a total transaction of $1,807,095.56. Following the sale, the vice president now owns 10,493 shares of the company’s stock, valued at $3,137,302.07. The trade was a 36.55 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Richard Thomas Miller sold 1,750 shares of the firm’s stock in a transaction that occurred on Friday, October 18th. The shares were sold at an average price of $330.00, for a total value of $577,500.00. Following the completion of the transaction, the vice president now directly owns 3,218 shares of the company’s stock, valued at $1,061,940. The trade was a 35.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 20,531 shares of company stock worth $6,628,691. Corporate insiders own 4.10% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the stock. Robert W. Baird raised their price objective on shares of Snap-on from $290.00 to $347.00 and gave the stock a “neutral” rating in a research report on Friday, October 18th. Barrington Research raised their price target on Snap-on from $325.00 to $350.00 and gave the stock an “outperform” rating in a report on Thursday, October 17th. Roth Mkm upped their price objective on Snap-on from $324.00 to $365.00 and gave the company a “buy” rating in a research note on Tuesday, October 22nd. Bank of America lifted their target price on Snap-on from $255.00 to $280.00 and gave the company an “underperform” rating in a research note on Friday, October 18th. Finally, Tigress Financial boosted their target price on Snap-on from $336.00 to $385.00 and gave the company a “buy” rating in a report on Friday, October 25th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, Snap-on presently has a consensus rating of “Hold” and an average price target of $345.40.

About Snap-on

Snap-on Incorporated manufactures and markets tools, equipment, diagnostics, and repair information and systems solutions for professional users worldwide. It operates through Commercial & Industrial Group, Snap-on Tools Group, Repair Systems & Information Group, and Financial Services segments.